Majo Mićović, President of the Swiss-Serbian Chamber of Commerce: Switzerland is one of the most important investors

Our association is committed to promoting and implementing core Swiss values ​​in the day-to-day operations of companies, such as quality, transparency, integrity and reliability.

Majo Mićović, President of the Swiss-Serbian Chamber of Commerce

In his interview for Diplomacy&Commerce magazine, President of the Swiss-Serbian Chamber of Commerce (SSCC), Majo Mićović, talks about reasons why Swiss companies have been showing great interest in the Western Balkan region, the advantages of doing business in Serbia and economic sectors offer the most opportunities.

Switzerland is a country known for innovation, serious business practices and smart investments. What can we learn from the Swiss and apply in our country?

Switzerland can share its experience in a number of areas, in particular investments in education, innovation and digitalisation, cooperation between the business sector and universities and cleantech development. In September this year, in cooperation with local partners, the Embassy of Switzerland in Serbia staged an exhibition at which Swiss cleantech solutions were presented. Also, a growing number of Swiss companies in Serbia are beginning to get involved in the development of dual education models. Thanks to its good practices and experience, Switzerland has been supporting Serbia in implementing the dual education system for years. Finally, our association is committed to promoting and implementing core Swiss values ​​in the day-to-day operations of companies, such as quality, transparency, integrity and reliability.

The Swiss economy is showing special interest in the Western Balkan region. Why is that so and what are the advantages of the Serbian economy relative to regional countries?

Swiss investors have a leading role in supporting the digitalisation of the economy, in the form of investing in innovative solutions, creating highly skilled jobs and contributing to economic growth. According to the data collated by the National Bank of Serbia, in 2020, the export of ICT services from Serbia amounted to 1.37 billion euros, which is a 4.4% increase compared to 2019. The Serbian ICT sector and the digital transformation of traditional sectors have great potential, which means that investments and cooperation on digitalisation can accomplish exceptional results in the coming years.

A growing number of Swiss companies in Serbia are beginning to get involved in the development of dual education models.

As for the region and Serbia’s position, thanks to the demanding economic reforms the country has implemented in the past period, Serbia has positioned itself as one of the most important investment destinations in Central and Eastern Europe. The UN Conference on Trade and Development (UNCTAD) has said that Serbia attracted $3.44 billion worth of foreign investments in 2020, out of a total of $6.11 billion invested in Southeast Europe. Croatia attracted $1.3 billion, Albania $1.1 billion, Slovenia and Montenegro $529 million each, Bosnia and Herzegovina $371 million, and North Macedonia $274 million. I believe that this positive trend will continue.

The sectors with the greatest potential in Serbia are those that provide companies with adequate resources with which they can systematically produce internationally competitive products while having a profitable, productive and dynamic business.

The Swiss-Serbian Chamber of Commerce has a large number of member companies from the ICT sector.

The Swiss-Serbian Chamber of Commerce has a large number of member companies from the ICT sector. Serbia generates about 10 percent of its GDP in the ICT sector, which is now among the four largest export sectors alongside steel, cars and agriculture. According to the data collated by the Government Commission for Protection of Competition in 2021, there were over 2,800 companies in the Serbian ICT sector that employ about 35,000 people. In line with such developments, dozens of Swiss companies have already established their local presence in Serbia, either through outsourcing or opening development centres in Serbia.

I firmly believe that this is just the beginning of an extremely promising and successful economic cooperation between Switzerland and Serbia, and I look forward to furthering new developments in this area.

Economic cooperation between Switzerland and Serbia has been growing year on year. Which economic sector offers the most opportunities?

Switzerland is one of the most important investors in the Serbian economy. The focus of cooperation between the two countries in previous years has been on education, science, research and development, innovation and digitalisation, so we should continue in that direction. The IT industry in Serbia is currently one of the fastest-growing industries that have the potential to develop its own sophisticated software solutions and services, thanks to the growing number of technological start-ups, entrepreneurial spirit and young people being increasingly interested in IT sciences.

Cyber​​security is an inevitable topic. What do you think will be the biggest challenges in this segment in 2022?

For years, the biggest challenge regarding cybersecurity has been the lack of trained and experienced staff. Judging by the conducted analyses and indicators, such a trend will continue in 2022, with a tendency of higher demand. The solution to this challenge has crystallised over years, thanks to the offers of specialized cybersecurity services, based on adequate tools and the best security experts and engineers. In this way, by engaging specialised cybersecurity services, users can significantly reduce, or even eliminate the risk of threats. By simply comparing the financial and material resources that would be necessary to establish an internal security programme, plus taking into account the problem of lack of human resources and the cost of specialised cybersecurity services, we come to an extremely favourable price-benefit ratio, from the get-go.

In general, cybercrime has become one of the most lucrative “shadow” jobs and a serious threat to the economy. Cyber ​​attacks are becoming more complex and frequent and this trend will continue in 2022. Cyber ​​security should not be understood as an option but as an indispensable part of the digital transformation plan of every company and organisation. In order to reduce the risk of data compromise, the first step is to be aware that cybercrime is on the rise every year and that information systems must be protected by adequate technologies. Only in this way can we stand in the way of the hacker mafia.

The focus of cooperation between the two countries in previous years has been on education, science, research and development, innovation and digitalization, so we should continue in that direction.

The focus of protection can no longer be just on a resource, such as a server, router, or workstation; after all, a company’s business does not depend on an individual resource, but on its data and the employees who access that data. Modern business solutions and modern information systems require modern security solutions. Fortunately, there are companies on our market that recognise this and that can respond in the right way to modern security needs, not only in terms of products but also in terms of the services they provide.

Since this is an extremely peculiar branch of the IT industry, I would instruct companies and organisations to turn to technology experts to help them preserve one of the most valuable things in their company – digital data. In Serbia and the region, we have several professional cybersecurity companies, such as the company for whose business I am responsible – Sky Express – which is a regional leader in IT security.

The Swiss-Serbian Chamber of Commerce continued with numerous activities this year too. What will be the Chamber’s focus in 2022?

The SSCC will continue to focus on digitalisation and promotion of the domestic ICT sector to potential Swiss investors. In January 2022, we are planning to hold a webinar in cooperation with our institutional partner from Switzerland – Switzerland Global Enterprise – on the topic of the benefits of the domestic ICT market. It is my pleasure to announce that a representative of the well-known Swiss organization – Digital Switzerland – will participate in this event, for the first time since the SSCC’s inception.

In addition, the SSCC will intensify its activities related to business networking between member companies and expanding cooperation with organisations from the region and Switzerland.

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